Understanding The trade: As an options trader my goal is to identify trend change and utilize a breakout strategy to leverage profit off of major trend changes with minimal risk. Even though this contract does not expire till 8/16 I will be looking to take profit by late July as the rate of decay factor starts to come into play as the contract approaches expiry. This should correlate nicely with the Fib Retracement lvl .618. If you have any questions, please feel free to comment below and follow. Thank you and trade safe.
Reasons For Trade: • Rejection off the ATH of $18.00 Back in Sep 14’ • RSI Broken upward channel (1D chart Jan 1st -July 2-tj) • RSI Overbought > 70